Elme Communities provides update on liquidation activities

Elme Communities (ELME) provided an update regarding the status of ongoing liquidation activities under the company’s Plan of Sale and Liquidation. To date in 2026, the company has completed the sale of five of its remaining properties – four of its multifamily properties and its remaining office property – for aggregate gross proceeds of approximately $252.7M. The company has also entered into purchase and sale agreements with respect to four of the remaining properties that, collectively, provide for gross proceeds of approximately $431.3M. The company currently expects to complete the sales of these four properties by mid-year 2026. The process with respect to the company’s other remaining property, Elme Bethesda, remains ongoing. The company continues to target completing all remaining sales by mid-year 2026. The remaining outstanding balance of the Term Loan, which was $288.5M as of May 11, is intended to be repaid using a portion of the net proceeds from the sales of the remaining properties which secure the Term Loan. The company currently estimates that the total amount of additional liquidating distributions to be funded from the net proceeds of sales of the company’s remaining assets will be $2.07-$2.35 per common share. Based on this updated estimate, the total amount of liquidating distributions including the Initial Liquidating Distribution is estimated to be $16.74-$17.02 per common share vs. the previous estimate of $17.02-$17.47.